MICR Full Form

MICR is the term used in the context of cheques. Full form of MICR is Magnetic Ink Character Recognition; the biggest advantage of cheques having Magnetic Ink Character Recognition is that they are more secure than traditional cheques which are prone to frauds and hence it provides a secure way of transferring money from one account to another. Another advantage is the speed because with the advent of technology in banking now CTS checks are being issued to customers by the banks which use MICR along with IFSC code for transfer of money from one account to another electronically.

0 comments… add one

Leave a Comment

Related pages

durable and nondurable productsexample of conglomerate diversificationdisadvantages of factoringmonopolistic competitive market structureadvantages of a planned economymerits of dictatorshipplanned economies examplesdisadvantages of acquisitionswhat is consignee and consignordeferred revenue journal entryat par chequeslifo method advantages and disadvantageswhat is a predeterminationskimming pricing strategy advantages and disadvantagesdifference between revenue and capital expenditureaccounting and economic profitintraday tradesconglomerate diversificationadvantages and disadvantages of delegation in managementcharacteristics of socialist economic systemjournal entry prepaid rentprepaid expexamples of conglomerate merger companieshypoticationmeaning of cost push inflationlaw of diminishing marginalunqualified report auditstate and explain the law of diminishing marginal utilityadvantages and disadvantages of barteringlaw of diminising marginal utilitypros and cons of mergers and acquisitions pdfmeaning of fifo methodsources of long term finance advantages and disadvantageswhat are characteristics of a command economyautonomous demand and derived demanddefine conglomerate integrationmeaning of loan syndicationmarket skimming strategyrevaluation entrieswhat are the disadvantages of globalizationjournal entry for prepaid rentwhat are the characteristics of a traditional economyautocratic organizationwhat is autocratic leadership in businesswhat is the difference between oligopoly and monopolyfluctuating fund systemtypes of accounts real nominal personaladvantages of a traditional economysocialism featuresadvantages and disadvantages of advertising on social mediaadvantages and disadvantages of fifodrawer and draweecurrency convertibilityaccounting entry for prepaid insurancedefine derivatives in financecongeneric mergermeaning of cost push inflationadvantages of job specializationfluctuating exchange ratesfund flow and cash flow statementfull form of fiicrossing of a chequecarriage inwards and outwardsdual aspect concept of accounting with examplesadvantages of perfectly competitive marketdefine process costingdefinition of substitute goods in economicsmarket penetration advantages and disadvantagesunclaimed dividendmixed economy advantages disadvantagesperformance based budgeting advantages and disadvantagesinferior good vs normal goodexamples of capital receiptsadvantages of conglomeratedebenture finance